OPC Energy H1 2026: EBITDA up 26%, Hadera Expansion construction starts, 200 MW capacity win
KEN sits 64% above its 52-week low of $41.5.
Summary
OPC Energy reported strong H1 2026 results with EBITDA up 26% and adjusted net income more than doubling, alongside major project milestones including Hadera Expansion construction start and a 200 MW capacity win.
Key Events · Earnings and Guidance · KEN
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H1 2026 EBITDA up 26%
OPC Energy reported EBITDA after proportionate consolidation of $255M for H1 2026, up 26% from $203M in H1 2025, driven by higher energy margins and capacity prices in the U.S. and increased ownership in Shore and Maryland power plants.
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Adjusted net income more than doubles
Adjusted net income rose 103% to $67M in H1 2026 from $33M in H1 2025, while Q2 2026 adjusted net income surged 580% to $34M from $5M in Q2 2025.
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Hadera Expansion construction starts
Financial close completed and construction commenced on the 850 MW Hadera Expansion project in June 2026, backed by a $1.7B financing agreement with Bank Leumi; total expected construction cost is ~$1.3B.
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200 MW capacity certificate win
OPC Israel won 200 MW of capacity certificates in July 2026 competitive process, representing about 40% of total allotted capacity, at a uniform base tariff of 10.2 agurot per available kilowatt, available through December 31, 2029.
Analysis · KEN · Energy & Transportation
Kenon's subsidiary OPC Energy delivered strong H1 2026 results with EBITDA after proportionate consolidation up 26% to $255M, driven by higher energy margins and capacity prices in the U.S. and increased ownership in Shore and Maryland power plants. The quarter also marked major strategic milestones: financial close and construction start on the $1.3B Hadera Expansion project, a 200 MW capacity certificate win in Israel, and commercial operation of the Rogues Wind project. These developments strengthen OPC's growth pipeline and cash generation, though the $67M betterment levy dispute and ongoing competition authority investigation add regulatory risk.
At the time of this filing, KEN was trading at $68.04 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $3.5B. The 52-week trading range was $41.50 to $95.93. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.